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<p>[QUOTE=&quot;Bart9349, post: 3113306, member: 5682&quot;]Quoting a previous post of mine:</p><p><br /></p><p>According to Kenneth Harl, in his book <i>Coinage in the Roman Economy</i>, Egypt created the world&#039;s first successful fiduciary currency. (Fiduciary currency cannot be redeemed for a monetary reserve of a precious metal such as gold or silver. This is similar to paper currency or modern coinage.)</p><p><br /></p><p>Roman coins in Egypt where made from billon, an alloy consisting of a majority base metal (such as copper or, in the Egyptian coins&#039; case, bronze) mixed with a smaller percentage of a precious metal (usually silver). Since the Egyptian economy was a closed one (coins did not circulate into or out of Egypt), its coins did not compete with circulating gold and silver coins from the rest of the Empire. Coins made in Egypt were less than 25% silver, but earned the trust of Egyptians, who constituted 10 to 15 percent of the Empire&#039;s population, for more than two centuries. Harl adds, &quot;There was little risk of an inflationary spiral set off by the dynamics of &#039;Gresham&#039;s law&#039;<b>*</b> whereby bad money chases out good money.&quot;</p><p><br /></p><p>Gresham&#039;s law explained:</p><p><a href="https://en.wikipedia.org/wiki/Gresham%27s_law" target="_blank" class="externalLink ProxyLink" data-proxy-href="https://en.wikipedia.org/wiki/Gresham%27s_law" rel="nofollow">https://en.wikipedia.org/wiki/Gresham&#039;s_law</a></p><p><br /></p><p>I love the diversity of reverses of the Antoninus Pius Tets (my guests, not my pictures):</p><p>[ATTACH=full]790389[/ATTACH] [ATTACH=full]790390[/ATTACH]</p><p>[ATTACH=full]790387[/ATTACH] [ATTACH=full]790388[/ATTACH]</p><p>[ATTACH=full]790369[/ATTACH]</p><p>[ATTACH=full]790370[/ATTACH] [ATTACH=full]790371[/ATTACH]</p><p>[ATTACH=full]790398[/ATTACH][/QUOTE]</p><p><br /></p>

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